Term Insurance 205 views May 11, 2021

SBI Life Poorna Suraksha is a non-linked non-participating life insurance plan that provides you life cover as well as critical illness cover. Key features of this plan are –

  1. Coverage of Death and Critical Illnesses
  2. Life-Stage Rebalancing
  3. Waiver of Premium

Know more about the benefits of the SBI Life Poorna Suraksha Plan on this page below.

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SBI Life Poorna Suraksha Plan Life-Stage Rebalancing Feature

The ‘LifeStage Rebalancing’ feature of SBI Life Poorna Suraksha Plan rebalances your sum assured between Life and Critical Illness covers. At inception, the basic sum assured is split between life cover and critical illness in the proportion of 80:20.

The critical illness sum assured will increase every year as shown below –

Policy Term (In Year)Increase in the Critical Illness Sum Assured
1015%
1510%
207.50%
256%
305%

While the life cover sum assured decreases respectively to balance the coverage between the two.

Note – The change in the sum assured would occur only on the policy anniversary, and the base sum assured remains constant throughout the policy term.

SBI Life Poorna Suraksha Plan Death & Critical Illness Cover

In case you die during the policy term, the insurer will pay the policy Sum Assured to your nominee. Whereas if you are diagnosed with any of the following critical illnesses during the policy term, the insurer will pay the critical illness benefit and the cover will cease. The following critical illnesses will be covered –

  1. Cancer of specified severity
  2. The first occurrence of heart attack or myocardial infarction
  3. Open-heart valve surgery or repair of one or more heart valves
  4. Kidney failure requiring dialysis
  5. Major Organ or Bone Marrow Transplant
  6. Coronary Artery Bypass Graft (Open, Keyhole, minimally invasive, robotic cardiac CABG)
  7. Multiple sclerosis with persisting symptoms
  8. Stroke resulting in permanent symptoms
  9. Coma of specified severity
  10. Permanent paralysis of limbs
  11. Motor neurone disease with permanent symptoms
  12. Benign brain tumor
  13. Blindness
  14. End-stage lung disease
  15. Loss of hearing in both ears
  16. End-stage liver failure
  17. Loss of speech
  18. Loss of limbs
  19. Major head trauma
  20. Primary (Idiopathic) Pulmonary Hypertension
  21. Third-degree burns
  22. Alzheimer’s disease
  23. Aplastic Anaemia
  24. Medullary Cystic Kidney Disease
  25. Parkinson’s disease
  26. Systemic Lupus Erythematosus (SLE) with Lupus Nephritis
  27. Apallic Syndrome
  28. Major Surgery of Aorta
  29. Brain surgery
  30. Fulminant Viral Hepatitis
  31. Cardiomyopathy
  32. Muscular Dystrophy
  33. Poliomyelitis
  34. Pneumonectomy
  35. Severe Rheumatoid Arthritis
  36. Progressive Scleroderma

The above-mentioned critical illnesses shall be admissible for the claim if you survive 14 days from the day of diagnosis of the same.

Note – Critical illness cover starts after 90 days from the date of commencement of risk or revival, whichever is later.

SBI Life Poorna Suraksha Plan Premium Waiver Benefit

Upon diagnosis of any of the above-mentioned critical illnesses, the insurer will pay the due amount after 14 days of survival from the date of diagnosis. And once a claim under critical illness is accepted, all future premiums will be waived. However, the life cover benefit shall continue throughout the policy term. When the premiums are waived off, the LifeStage Rebalancing will cease, while the Life Cover sum assured will remain constant for the rest of the policy term.

Eligibility Criteria of SBI Life Poorna Suraksha Plan

You can buy this life insurance plan if you meet the following age criteria –

  • Minimum Entry Age – 18 years
  • Maximum Entry Age – 65 Years

Free Look Period

You can review the terms and conditions of policy within 15 days (free look period) and cancel the same stating the reason for objection. On such cancellation, paid premiums less proportionate risk premium, applicable taxes/cess, stamp duty charges and the cost of medical expenses shall be refunded to you.

Suicide Clause

In case the life assured dies due to suicide within 12 months from the date of commencement of risk or revival of the policy, the nominee will receive at least 80% of the total paid premiums as on the date of death, provided the policy is in force. After paying the benefit, the policy contract will be terminated immediately.

Important Notes

  1. You can choose your policy term from the following – 10, 15, 20, 25, 30 Years
  2. The premium payment term is regular, which means you need to pay premiums for the entire policy term as chosen by you.
  3. You can pay the premium yearly, half-yearly or monthly
  4. The minimum premium amount is – INR 3,000 (Yearly), INR 1,500 (Half-Yearly) & INR 250 (Monthly)
  5. The maximum premium amount is – INR 9,32,000 (Yearly), INR 4,75,000 (Half-Yearly) & INR 80,000 (Monthly)
  6. The minimum basic sum assured is INR 20 Lakh
  7. The maximum basic sum assured is INR 2.5 Crore as per the board-approved underwriting policy
  8. Under this policy, a 6% discount will be provided on the premium for employees, retired employees, VRS holders, minor children and spouses of employees of SBI Life Insurance Co. Ltd., SBI, RRBs sponsored by SBI and subsidiaries of State Bank group.

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